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<p>Written by <a data-mce-href="https://www.linkedin.com/in/lane-litz/" href="https://www.linkedin.com/in/lane-litz/" title="Lane Litz" target="_blank" rel="noopener">Lane Litz</a>, Founder &amp; Managing Partner, Founder VC</p><h2>PART 1 — From Global Operator to Local Beginner</h2><p><br>At <a data-mce-href="http://www.vipkid.com" href="http://www.vipkid.com" title="VIPKID" target="_blank" rel="noopener">VIPKID</a>, I was employee #6. We scaled to a $3B valuation, grew 30% MoM for five years, and built the most valuable online education company in the world. But none of that prepared me for being a first-time founder in New Zealand.</p><p>I landed here as an outsider. I had no network, no local playbook, and no clear roadmap. Through a local incubator (<a data-mce-href="https://creativehq.co.nz/" href="https://creativehq.co.nz/" title="Creative HQ" target="_blank" rel="noopener">Creative HQ</a>) and two first believers (<a data-mce-href="https://www.linkedin.com/in/davemoskovitz/" href="https://www.linkedin.com/in/davemoskovitz/" title="Dave Moskovitz" target="_blank" rel="noopener">Dave Moskovitz</a>, <a data-mce-href="https://www.linkedin.com/in/jacky-laverty-9056347/" href="https://www.linkedin.com/in/jacky-laverty-9056347/" title="Jacky Laverty" target="_blank" rel="noopener">Jacky Laverty</a>) I found early signals. But I still had to hunt for every resource: grants, templates, accelerators, legal documents, investor lists.</p><p>I was labeled “sophisticated.” But I felt very in the dark.</p><h2>&nbsp;<br>PART 2 — A $1K Mistake That Could’ve Been Avoided</h2><p><br>When I launched my first NZ-based startup, we had just $30,000 NZD in the bank. As CEO and co-founder, I made an early strategic call: I spent $1,000 on Microsoft cloud credits so we could get moving fast.</p><p>A week later, I learned — completely by accident — that we could’ve gotten those credits for free through Microsoft’s startup program.</p><p>I cried. Alone.</p><p>Not because of the money itself, but because I had tried to do exactly what founders are supposed to do: act, build, and move fast. But I didn’t have access to the information that would’ve saved us time and capital. That $1,000 shortened our runway.</p><p>The number one job of a startup CEO is to extend runway. I had broken the cardinal rule — I burned 1/30th of it on something we could’ve gotten for free.</p><p>This is why <a data-mce-href="http://www.whatfounderswant.com" href="http://www.whatfounderswant.com" title="What Founders Want" target="_blank" rel="noopener">What Founders Want</a> exists.</p><figure id="figure-ccromb4yiomad4e98b"><img id="ccromb4yiomad4e98b" src="https://cdn.durable.co/blocks/2cDtet97lQisNMfsYGI622oCS9N2JWiuu3s6sMi0cqfCItfZYL3J8Xj7d2DPSh5e.png" alt="" title="" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2cDtet97lQisNMfsYGI622oCS9N2JWiuu3s6sMi0cqfCItfZYL3J8Xj7d2DPSh5e.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><em><a data-mce-href="http://www.whatfounderswant.com" href="http://www.whatfounderswant.com" title="What Founders Want">What Founders Want</a> is the definitive source for New Zealand startup founders to save money, make money, and raise money.&nbsp;</em></p><p><a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="What Founders Want" target="_blank" rel="noopener">www.whatfounderswant.com</a></p><h2>&nbsp;<br>PART 3 — You Can’t Google This</h2><p><br>Founders in New Zealand aren’t failing because they’re not talented. They’re failing quietly — and often unnecessarily — because they can’t find what’s already out there.</p><p>They Google:</p><p>“Startup grants NZ 2024”<br>“IRD/GST/Xero checklist”<br>“Free NZ legal templates”<br>“Accelerators that give money”</p><p>But traditional search and even generative AI tools miss the mark, with accuracy rates as low as 50%. Founders don’t want blog posts or playbooks. They want legitimacy, clarity, and access.</p><p>That’s what <a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="What Founders Want" target="_blank" rel="noopener">What Founders Want</a> delivers:</p><p>Not advice. Not opinions. Just direct access to trusted tools, templates, and resources — all in one place.</p><h2>&nbsp;<br>PART 4 — What We Built</h2><p><br><a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title=" What Founders Want " target="_blank" rel="noopener">What Founders Want </a>is a founder-first infrastructure layer designed for New Zealand’s startup ecosystem. It’s not a publication. It’s not an accelerator. It’s not a service.</p><blockquote><p>It’s a neutral access platform that gives founders visibility over what already exists — across funding, compliance, go-to-market, hiring, and sales.</p></blockquote><p>It helps founders:</p><ul><li><strong>Raise money </strong>— Find grants, accelerators, and capital connections</li><li><strong>Save money</strong> — Claim perks, download templates, and avoid costly mistakes</li><li><strong>Make money</strong> — Unlock sales tools, hiring systems, and GTM assets<br></li></ul><p>All in one place. Free for founders, forever.</p><h2>&nbsp;<br>PART 5 — What We’re Not</h2><blockquote><p><br>We’re not here to give founders more advice. We’re here to connect them with the advice, tools, and support that already exist — but often remain siloed, buried, or invisible.</p></blockquote><p>New Zealand’s startup ecosystem is tight-knit, generous, and deeply values-driven. It’s been built on the backs of passionate founders, funders, mentors, and supporters — many of whom have donated thousands of unpaid hours to make this a better place to build.</p><p><a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="What Founders Want" target="_blank" rel="noopener">What Founders Want</a> is not a replacement for that work — it’s a signal booster. A visibility layer. A connector.</p><p>We’re proud to stand on the shoulders of giants- the community that came before us- and deeply committed to serving it with humility.</p><h2>&nbsp;<br>PART 6 — Why Founder VC Built This</h2><blockquote><p><br>As a fund, we meet hundreds of founders every year. Many aren’t ready for capital — yet. But that doesn’t mean they should stop building.</p><p>Still, until now, we had nowhere to send them. And that broke our hearts.</p></blockquote><p><a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="What Founders Wan" target="_blank" rel="noopener">What Founders Wan</a>t is our answer — not a funnel, but an infrastructure layer that supports all founders, not just the VC-fundable few.</p><p>And yes, it’s also part of Founder VC’s long-term M&amp;A infrastructure model:</p><ul><li>It tracks founder activity and intent</li><li>It unblocks GTM momentum</li><li>It creates a signal layer for acquisition readiness</li></ul><p><br>But first and foremost, it’s here to help founders take their next best step — with confidence and clarity.</p><h2>&nbsp;<br>Closing Words</h2><p><br>I’m an EdTech builder at heart. I know what it means to build inside the problem. The founders we serve — whether in Invercargill, Hamilton, or Ponsonby — <strong>are doing the hardest work of their lives.</strong></p><blockquote><p>Startups are expensive. Financially. Emotionally. Reputationally. If we can save them $1,000, or 10 hours, or a dead-end search that ends in frustration, we’ve done our job.</p></blockquote><p>So if you’re advising a founder, and you have to say no to their pitch — send them to <a data-mce-href="http://www.whatfounderswant.com" href="http://www.whatfounderswant.com" title="What Founders Want" target="_blank" rel="noopener">www.whatfounderswant.com</a>. Not as a consolation prize, but as a next step.</p><p>Because what founders want is to keep building. And now, they can do it with the infrastructure they deserve.</p><h2>What Founders Want is Live&nbsp;</h2><figure id="figure-5kglbkzdqmmad4s579"><img id="5kglbkzdqmmad4s579" src="https://cdn.durable.co/blocks/2cDtet97lQisNMfsYGI622oCS9N2JWiuu3s6sMi0cqfCItfZYL3J8Xj7d2DPSh5e.png" alt="" title="" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2cDtet97lQisNMfsYGI622oCS9N2JWiuu3s6sMi0cqfCItfZYL3J8Xj7d2DPSh5e.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p>The most valuable thing you can do to move <a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="What Founders Want" target="_blank" rel="noopener">What Founders Want</a> forward is simple: share it.<br></p><p>If you know a founder who’s building in the dark — send them to <a data-mce-href="https://whatfounderswant.com/" href="https://whatfounderswant.com/" title="www.whatfounderswant.com" target="_blank" rel="noopener">www.whatfounderswant.com</a>.</p><p><br>It’s free, it’s fast, and it’s built to be the first stop for every NZ startup.<br>The more founders who use it, the stronger the whole ecosystem becomes.</p><p><br></p><p>----------------------------------</p><p><em><a data-mce-href="https://www.linkedin.com/in/lane-litz/" href="https://www.linkedin.com/in/lane-litz/" title="Lane Litz" target="_blank" rel="noopener">Lane Litz</a> is a proven startup founder, operator, and venture capitalist with a track record of building, scaling, and investing in high-potential startups. As employee #6 at VIPKID, she helped grow the company to a $3B valuation. Later, as the CEO and Co-founder of Speakia, she navigated challenging market conditions to lead the startup to acquisition. Her time in venture capital &nbsp;gave her a front-row seat to the systemic flaws in traditional VC, inspiring her to found Founder VC. Now, Lane is reshaping the venture landscape with a founder-first approach, focusing on sustainable investments that deliver measurable value for both founders and investors.</em></p>

What Founders Want: Infrastructure for Founders, Built by Founders

<p>Most fundraising advice misses the mark. You'll find countless pitch decks online—but simply replicating templates won't help without understanding the context behind them. Founders genuinely want direct feedback, yet typical fundraising advice rarely reveals what VCs actually prioritize behind those standard 10 slides.</p><p>We dissected 100+ real-world pitch deck teardowns- detailed analyses where investors break down exactly why a deck fails or succeeds- from every major industry to uncover what investors really think when founders leave the room. </p><p>Forget templates. This checklist cuts through the noise with industry-specific pitfalls backed by real investor critiques. </p><p><a data-mce-href="https://foundervc.org/blog/the-hidden-data-driving-vc-rejections" href="https://foundervc.org/blog/the-hidden-data-driving-vc-rejections" title="100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections" target="_blank" rel="noopener"><em>Want deeper context? Check out the full breakdown in 100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections.</em></a></p><p>Just a few insights we uncovered that you certainly won't find online:</p><ul><li>Investors now spend 25–30% more time on traction slides vs last year.</li><li>Most mistakes are industry-specific (HealthTech ≠ SaaS ≠ AI).</li><li>Clear financials and proven traction beat visionary pitches every time.<br>&nbsp;<h2>Industry-by-Industry Checklist</h2></li></ul><p>This checklist is a targeted summary outlining the top five critical errors startups commonly make when pitching to venture capitalists, broken down by industry. It distills extensive analysis of real pitch deck reviews into actionable "don'ts," helping founders avoid common pitfalls that lead investors to reject proposals.</p><h3>HealthTech / MedTech</h3><p>Most Fumbled Slide: Traction<br>Blind Spot: “We highlight impact” → But omit validation (pilots, LOIs, clinical data)</p><ul><li>Don’t skip regulatory pathway (FDA, HIPAA) even at early stages<br></li><li>Don’t hide low traction behind “pilot” labels without detail<br></li><li>Don’t blend customer vs partner logos – clearly differentiate</li><li>Don’t overpromise AI/ML without validation or clinical proof</li><li>Don’t omit compliance, data security, or reimbursement model</li></ul><h3>SaaS / B2B</h3><p>Most Fumbled Slide: Business Model<br>Blind Spot: “Recurring revenue” → But no CAC, churn, ARPU or behavior metrics</p><ul><li>Don’t skip core SaaS metrics: MRR, ARR, ARPU, CAC, churn</li><li>Don’t rely only on pricing page visuals—show actual usage behavior</li><li>Don’t conflate revenue with healthy retention or product stickiness</li><li>Don’t skip LTV:CAC ratio or payback period</li><li>Don’t present freemium models without conversion data</li></ul><h3>FinTech</h3><p>Most Fumbled Slide: Financials<br>Blind Spot: “We’ll show big TAM” → But zero cost, risk or compliance visibility</p><ul><li>Don’t show hockey-stick revenue without monetization clarity</li><li>Don’t avoid modeling compliance (AML, KYC, fraud risk costs)</li><li>Don’t exclude margins or unit economics (gross/net revenue)</li><li>Don’t present user growth without GMV or average wallet size</li><li>Don’t skip trust/reputation-building: licensing, partners, data handling</li></ul><h3>AI/ML</h3><p>Most Fumbled Slide: Problem/Solution<br>Blind Spot: “We solve a big problem with AI” → But the problem is vague or academic</p><ul><li>Don’t assume investors “get” the AI problem—define it with urgency and clarity</li><li>Don’t skip “why now” or market readiness</li><li>Don’t over-index on model accuracy over outcomes (ROI, business use case)</li><li>Don’t hide explainability or IP defensibility<br></li><li>Don’t use jargon without showing traction, pilot, or adoption</li></ul><h3>Marketplaces</h3><p>Most Fumbled Slide: Revenue Model<br>Blind Spot: “Take rate + GMV” → But founders rarely show supply + demand side traction</p><ul><li>Don’t show GMV without clarifying take rate or real net revenue</li><li>Don’t present logos without user liquidity metrics (match rate, time to match)</li><li>Don’t skip supply-side pain points and stickiness</li><li>Don’t blur buyers and suppliers into one “user” metric</li><li>Don’t forget cohort or repeat usage retention curves</li></ul><h3>Hardware / IoT</h3><p>Most Fumbled Slide: Financials<br>Blind Spot: “Here’s our cost structure” → But misses CapEx, scaling risks, margin compression</p><ul><li>Don’t present unit cost without margin, COGS, or CapEx context</li><li>Don’t skip supply chain risk, inventory planning, or working capital needs</li><li>Don’t show renders without a working prototype or BOM</li><li>Don’t ignore manufacturing ramp or lead time risks</li><li>Don’t avoid post-sale support, warranty, and logistics planning</li></ul><h3>ClimateTech</h3><p>Most Fumbled Slide: Traction<br>Blind Spot: “We’re early but big” → But no proof of adoption and limited IP validation</p><ul><li>Don’t confuse roadmap with traction—investors want LOIs, MOUs, grants, pilots</li><li>Don’t avoid hard metrics: carbon offset achieved, kWh saved, cost per unit</li><li>Don’t skip key partnerships with validators (govt, NGOs, corporates)</li><li>Don’t over-index on vision without project pipeline data</li><li>Don’t present tech as fully ready without field deployment results</li></ul><h3>EdTech</h3><p>Most Fumbled Slide: GTM Strategy<br>Blind Spot: “It’ll spread in schools” → But no sales cycle insight or decision map</p><ul><li>Don’t assume teachers = buyers — clarify who signs contracts (districts, boards)</li><li>Don’t ignore long procurement cycles or pilots</li><li>Don’t skip classroom impact metrics (engagement, test score change)</li><li>Don’t omit budget alignment (grants, Title 1 funding, etc.)</li><li>Don’t blend K–12, higher ed, and parents into one audience without clarity</li></ul><h3>Consumer Apps</h3><p>Most Fumbled Slide: Traction / Engagement Metrics<br>Blind Spot: “We have lots of downloads” → But no signal on actual retention or monetization</p><ul><li>Don’t show total installs without DAU/MAU or retention curves</li><li>Don’t skip session length, churn rate, or engagement loops</li><li>Don’t present roadmap features as if they’re already launched traction</li><li>Don’t ignore monetization path—freemium, IAPs, ads, or subs?</li><li>Don’t rely on paid growth hacks without organic or viral lift</li></ul><h3>Direct to Consumer Brands</h3><p>Most Fumbled Slide: Unit Economics<br>Blind Spot: “We’re scaling fast” → But no visibility into margins, logistics, or CAC/LTV ratios</p><ul><li>Don’t skip gross margin, AOV, LTV, CAC, or payback period</li><li>Don’t show influencer traction without conversion and ROAS data</li><li>Don’t ignore logistics, fulfillment, or inventory risks</li><li>Don’t rely only on top-line revenue without retention or reorder rates</li><li>Don’t omit brand moat—what stops others from copying this?</li></ul><h2>How Founders Can Use This Checklist Strategically</h2><p><br><strong>Industry Fit Audit:</strong><br>Before pitching, founders should use this as a mirror—read their deck and literally check off each "don't" to ensure none are accidentally baked into the narrative.</p><p><strong>VC Objection Preemption:</strong><br>Each bullet addresses a classic investor pushback. Build these into your FAQ section or narrative proactively to show foresight and credibility.</p><p><strong>Deck Diagnostic:</strong><br>This industry-by-industry fundraising checklist can serve as a powerful tool for accelerators, incubators, or pitch coaches doing a final review before demo day.</p><h2>&nbsp;Key Taweaway:</h2><p><br>If you're doing any of the five things listed above for your industry, you're in trouble. Investors rarely give direct feedback, and many mentors, advisors, or program managers simply don't know what VCs want to know. </p><p>We've crunched the data to give you clarity—not comfort. Because avoidance is always prolonged suffering disguised as safety, and the best founders run to the pain.</p><p><br></p><h2>Explore More Fundraising Resources:&nbsp;</h2><p><a data-mce-href="https://foundervc.org/blog/the-hidden-data-driving-vc-rejections" href="https://foundervc.org/blog/the-hidden-data-driving-vc-rejections" title="100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections" target="_blank" rel="noopener">100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections</a></p><p><a data-mce-href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" title="PitchSmart: The Founder-To-VC Translator" target="_blank" rel="noopener">PitchSmart: The Founder-to-VC Translator</a></p><p><a data-mce-href="https://foundervc.org/blog/the-best-intro-framework" href="https://foundervc.org/blog/the-best-intro-framework" title="The Best Intro Framework: A Research Backed Approach to Investor Engagement&nbsp;" target="_blank" rel="noopener">The Best Intro Framework: A Research Backed Approach to Investor Engagement&nbsp;</a></p><p><a data-mce-href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" title="The Unwritten Rules of Fundraising" target="_blank" rel="noopener">The Unwritten Rules of Fundraising</a></p>

Fundraising Debug Checklist: Why VCs Really Reject Your Startup, by Industry

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<blockquote><p>Just get your traction slide right” is terrible advice if no one tells you what traction or right actually means. Let’s fix that.</p></blockquote><p>Sample pitch decks are often limited to the same “best of” early-stage examples. If I’ve seen Airbnb’s original deck once, I’ve seen it a thousand times. Meanwhile, VCs are tearing down real decks every day. Instead of offering more generic, templated advice, this article dives into what actually goes wrong—and how to fix it.</p><p>We analyzed 100+ real-world startup pitch decks—across industries, stages, and outcomes—through a structured quantitative model trained on hundreds of verified teardown data points.</p><p> This goes far beyond anecdotal pattern-matching. By applying reverse-engineering principles to decades of fundraising history, we identify not just what investors respond to, but why. These aren’t cherry-picked examples—this analysis includes both the decks that raise millions and those that don’t, to isolate consistent signals and eliminate noise.</p><p>Our goal was to pinpoint failure patterns so your deck doesn't have to fall into the same traps. Here’s what we learned—and how you can fundraise smarter.</p><h2>TL;DR — Founders, Focus Here First<br></h2><ul><li>The traction slide is the #1 source of lost investor confidence</li><li>Most mistakes are industry-specific (HealthTech ≠ SaaS ≠ AI)</li><li>Founders often confuse future plans with actual traction</li><li>Investors now spend 25–30% more time on traction slides vs last year (DocSend)</li><li>A clean financial story will beat a “visionary” one—every time</li></ul><h2>The Most Common Slide Mistakes (100+ Decks Analyzed)</h2><table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 50%;" data-mce-style="width: 50%;"><strong>Slide Type</strong></td><td style="width: 50%;" data-mce-style="width: 50%;"><strong>% of Decks with Major Issues</strong><br></td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Traction</td><td style="width: 50%;" data-mce-style="width: 50%;">70% — biggest failure point</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Go-to-Market</td><td style="width: 50%;" data-mce-style="width: 50%;">60%</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Problem Slide</td><td style="width: 50%;" data-mce-style="width: 50%;">55%</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Financials</td><td style="width: 50%;" data-mce-style="width: 50%;">50%</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Business Model</td><td style="width: 50%;" data-mce-style="width: 50%;">&nbsp;42%</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Team<br></td><td style="width: 50%;" data-mce-style="width: 50%;">35%</td></tr></tbody></table><h2>Industry Breakdown: Where Founders Fall Short</h2><table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;"><strong>Industry</strong></td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;"><strong>Traction Issues</strong></td><td style="width: 15%;" data-mce-style="width: 15%;"><strong>GTM Fails</strong></td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;"><strong>Unrealistic Financials</strong></td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;"><strong>Problem/ Solution Confusion</strong></td><td style="width: 6.875%;" data-mce-style="width: 6.875%;"><strong>Team Weakness</strong></td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">HealthTech</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">75%</td><td style="width: 15%;" data-mce-style="width: 15%;">60%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">55%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">50%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">35%<br></td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">SaaS</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">65%</td><td style="width: 15%;" data-mce-style="width: 15%;">45%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">60%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">40%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">30%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">FinTech</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">60%</td><td style="width: 15%;" data-mce-style="width: 15%;">55%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">60%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">42%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">28%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">AI/ML</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">68%</td><td style="width: 15%;" data-mce-style="width: 15%;">58%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">50%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">68%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">40%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">Marketplaces</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">50%</td><td style="width: 15%;" data-mce-style="width: 15%;">52%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">45%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">35%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">32%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">Hardware</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">55%</td><td style="width: 15%;" data-mce-style="width: 15%;">50%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">65%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">38%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">33%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">ClimateTech</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">70%</td><td style="width: 15%;" data-mce-style="width: 15%;">48%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">60%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">45%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">31%</td></tr><tr><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">EdTech</td><td style="width: 17.0312%;" data-mce-style="width: 17.0312%;">65%</td><td style="width: 15%;" data-mce-style="width: 15%;">63%</td><td style="width: 18.4375%;" data-mce-style="width: 18.4375%;">50%</td><td style="width: 25.7812%;" data-mce-style="width: 25.7812%;">50%</td><td style="width: 6.875%;" data-mce-style="width: 6.875%;">34%</td></tr></tbody></table><h2>Most Common Blind Spots by Industry:&nbsp;</h2><table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 25%;" data-mce-style="width: 25%;">Industry</td><td style="width: 25%;" data-mce-style="width: 25%;">Most Fumbled Slide</td><td style="width: 25%;" data-mce-style="width: 25%;">What Founders Think They're Doing</td><td style="width: 25%;" data-mce-style="width: 25%;">What Actually Happens<br></td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">HealthTech</td><td style="width: 25%;" data-mce-style="width: 25%;">Traction</td><td style="width: 25%;" data-mce-style="width: 25%;">“We’ll highlight our mission + impact.”</td><td style="width: 25%;" data-mce-style="width: 25%;">Miss showing validation through trials, pilots, or pre-orders. Metrics often buried or missing altogether.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">SaaS</td><td style="width: 25%;" data-mce-style="width: 25%;">Business Model</td><td style="width: 25%;" data-mce-style="width: 25%;">"Simple pricing + recurring revenue- nailed it."</td><td style="width: 25%;" data-mce-style="width: 25%;">Often lacks CAC, churn, ARPU, or shows revenue but not user behavior that drives it.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">FinTech</td><td style="width: 25%;" data-mce-style="width: 25%;">Financials</td><td style="width: 25%;" data-mce-style="width: 25%;">"We'll show you how big this can be!"</td><td style="width: 25%;" data-mce-style="width: 25%;">Unrealistic scaling, no clear monetization path, and zero regulatory cost modeling.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">AI / ML</td><td style="width: 25%;" data-mce-style="width: 25%;">Problem / Solution</td><td style="width: 25%;" data-mce-style="width: 25%;">“We’re building powerful tech for a clear need”</td><td style="width: 25%;" data-mce-style="width: 25%;">But the problem is often abstract. No clarity on why now, why this market, or how AI is defensible.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">Marketplaces</td><td style="width: 25%;" data-mce-style="width: 25%;">Revenue Model</td><td style="width: 25%;" data-mce-style="width: 25%;">“Take rate + network effect = magic”</td><td style="width: 25%;" data-mce-style="width: 25%;">Founders rarely show both supply and demand traction. Most just model top-line GMV growth.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">Hardware</td><td style="width: 25%;" data-mce-style="width: 25%;">Financials</td><td style="width: 25%;" data-mce-style="width: 25%;">“Let’s show our production roadmap + unit cost”</td><td style="width: 25%;" data-mce-style="width: 25%;">Often misses CapEx, inventory risk, margin compression, and support scaling needs.</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">Climate Tech</td><td style="width: 25%;" data-mce-style="width: 25%;">Traction</td><td style="width: 25%;" data-mce-style="width: 25%;">“We’re early but we have a big vision”</td><td style="width: 25%;" data-mce-style="width: 25%;">VCs need to see any form of market engagement: LOIs, grants, pilot programs, etc. Roadmaps ≠ traction.<br>&nbsp;</td></tr><tr><td style="width: 25%;" data-mce-style="width: 25%;">EdTech</td><td style="width: 25%;" data-mce-style="width: 25%;">GTM Strategy</td><td style="width: 25%;" data-mce-style="width: 25%;">“Teachers and students will love this”</td><td style="width: 25%;" data-mce-style="width: 25%;">GTM is usually too vague. Often ignores long sales cycles and decision-making layers in schools.</td></tr></tbody></table><p><br></p><h2>Why Traction Slides Matter (and Why Founders Get Them Wrong)</h2><p>Traction is the most misused slide in a pitch deck. Nearly 3 in 4 decks get it wrong. But it’s also the one slide where investors spend the most time.</p><p>HealthTech, AI/ML, and ClimateTech have the highest miss rates. These founders often lead with vision but forget: traction = what’s already working.</p><blockquote><p>Investors are spending 25–30% more time on the traction section today than just a year ago. </p></blockquote><p>That’s a massive shift in attention—especially at the pre-seed and seed stages.</p><p>So what does good traction look like?</p><h2>The Best Traction Slide We've Seen</h2><p><br>The <a data-mce-href="https://www.hubspot.com/startups/pitch-deck-teardown#soaphealth" href="https://www.hubspot.com/startups/pitch-deck-teardown#soaphealth" title="Soap Health Pitch Deck Teardown">Soap Health</a> deck stands out. Here’s what they nailed:</p><ul><li>Clear revenue numbers</li><li>Actual customers (not just logos)</li><li>ARR projections grounded in logic</li><li>Active user proof</li></ul><figure id="figure-vusjtbdn08m8p1il4i"><img id="vusjtbdn08m8p1il4i" src="https://cdn.durable.co/blocks/1aoCAu154vpgn29246OgkSCGbNPpIqm0tSWlaaS31zwjSwoFbwIumzpMG2L90Y87.png" alt="" title="" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><p>This is the bar.</p><p>Compare that to decks like <a data-mce-href="https://www.hubspot.com/startups/pitch-deck-teardown#ulama" href="https://www.hubspot.com/startups/pitch-deck-teardown#ulama" title="Ulama Pitch Deck Teardown" target="_blank" rel="noopener">Ulama</a> or <a data-mce-href="https://www.hubspot.com/startups/pitch-deck-teardown#maphunter" href="https://www.hubspot.com/startups/pitch-deck-teardown#maphunter" title="Map Hunter Pitch Deck Teardown" target="_blank" rel="noopener">Map Hunter</a>, which leaned too far into product roadmaps or vague future promises.&nbsp;<br></p><h2>Tactical Slide Fixes</h2><h3>Traction</h3><ul><li>Show real usage, not a roadmap</li><li>No revenue yet? Use waitlists, pilot results, or engagement metrics</li><li>Segment visuals into past / present / future with clear boundaries<br></li></ul><h3>GTM</h3><ul><li>Avoid “viral growth” and “social media strategy” buzzwords</li><li>Show your actual acquisition channels</li><li>Include CAC assumptions if you can<br></li></ul><h3>Financials</h3><ul><li>Hockey-stick growth is fine—but only if assumptions are clear</li><li>Emphasize drivers, not just the output</li><li>Keep it simple, logical, and tied to execution<br></li></ul><h2>Key Takeaway- You don’t need a perfect deck.</h2><p><strong>You need a truthful one</strong>—grounded in numbers, clarity, and proof of execution.</p><ul><li>Start with traction.</li><li>Keep your GTM crisp.</li><li>Know your numbers.</li><li>And don’t try to “vision” your way out of bad fundamentals.</li></ul><p>We’ve broken down what works—so you can build a pitch that withstands investor scrutiny and avoids the common pitfalls we’ve mapped across hundreds of decks. There’s no need to stumble in the dark when we now have decades of data that reveal exactly where pitches break down and why.</p><h2>&nbsp;<br>Sources:</h2><p>TechCrunch Pitch Deck Teardown Series<br><a href="https://techcrunch.com/tag/pitch-deck-teardown/" data-mce-href="https://techcrunch.com/tag/pitch-deck-teardown/" target="_blank" rel="noopener">https://techcrunch.com/tag/pitch-deck-teardown/</a></p><p>HubSpot Pitch Deck Teardown for Startups<br><a href="https://www.hubspot.com/startups/pitch-deck-teardown" data-mce-href="https://www.hubspot.com/startups/pitch-deck-teardown" target="_blank" rel="noopener">https://www.hubspot.com/startups/pitch-deck-teardown</a></p><p>Pitch Guide – Full Archive of 100+ Decks<br><a href="https://pitch.guide/pitch-deck-teardown-archive" data-mce-href="https://pitch.guide/pitch-deck-teardown-archive" target="_blank" rel="noopener">https://pitch.guide/pitch-deck-teardown-archive</a></p><p>DocSend Startup Fundraising Report 2023<br><a href="https://www.docsend.com/index/startup-fundraising-report-2023/" data-mce-href="https://www.docsend.com/index/startup-fundraising-report-2023/" target="_blank" rel="noopener">https://www.docsend.com/index/startup-fundraising-report-2023/</a></p><p>Waveup Blog: How to Build a Traction Slide<br><a href="https://waveup.com/blog/traction-slide-pitch-deck" data-mce-href="https://waveup.com/blog/traction-slide-pitch-deck" target="_blank" rel="noopener">https://waveup.com/blog/traction-slide-pitch-deck&nbsp;</a></p><h2><br>Explore More Fundraising Resources:&nbsp;</h2><p><a data-mce-href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" title="The Unwritten Rules of Fundraising" target="_blank" rel="noopener">The Unwritten Rules of Fundraising</a></p><p><a data-mce-href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" target="_blank" title="PitchSmart: Founder-to-VC Translator" rel="noopener">PitchSmart: Founder-to-VC Translator</a></p><p><a data-mce-href="https://foundervc.org/blog/the-best-intro-framework" href="https://foundervc.org/blog/the-best-intro-framework" title="The Best Intro Framework: A Research Based Approach to Investor Engagement" target="_blank" rel="noopener">The Best Intro Framework: A Research Based Approach to Investor Engagement</a></p><p><a data-mce-href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer" href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer" title="The Hard Questions Most VCs Can't Answer" target="_blank" rel="noopener">The Hard Questions Most VCs Can't Answer</a></p>

100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections

financial technologies concept and making money

<h3>The hidden early-stage investment test is a band-aid on a much larger problem.</h3><p>I've never wasted more time than as a first time founder attempting to position my startup for early stage investors.&nbsp;I've never wasted more time than as an early stage investor, drowning in words, trying to find the few key details that actually matter.&nbsp;</p><p>Founders overwhelmingly agree: founders and VCs urgently need a translator. </p><p>Early-stage startup investors, however, have significant reservations about adopting tools or strategies that fully expose their criteria.</p><blockquote><p>At the core, this tension arises from founders' fundamental misunderstanding of how truly scarce early-stage capital is. </p></blockquote><p>Investors are cautious—and rightly so. Early-stage venture capital is inherently risky and scarce, making investors highly protective of their resources. </p><p>While angel investors and early-stage VCs usually operate with different investment premises, for the purpose of this article, they can be collectively referred to as early-stage startup capital providers, as both face similar challenges regarding transparency.</p><h2>The Reality: Early Stage Funding Evaluation Criteria</h2><p><br>Successfully raising early-stage capital involves far more than delivering a compelling pitch—it requires founders to demonstrate genuine potential for venture-scale growth. </p><p>Most first time founders misjudge these underlying dynamics, significantly underestimating both the traction necessary to attract capital and their realistic odds of securing funding.</p><blockquote><p>Founders, upon discovering that their startup may be fundamentally difficult to sell to investors, often obscure weaknesses behind excessive narrative rather than allowing their startup to die.&nbsp;&nbsp;</p></blockquote><p>Globally, just 1% of startups successfully secure VC investment, yet the majority of founders make the deadly mistake of structuring their entire business strategy around a check that will never come.</p><h2>My Journey: Learning the Hard Way</h2><p>In hindsight, only now do I finally possess the information I truly needed as a first-time startup founder.</p><h3>Early Life (Net Information Gain = 0%):</h3><p>I was born in the middle of nowhere, West Virginia (USA). The most exposure I had to startups or venture capital growing up was that I'd heard of Amazon and Silicon Valley.&nbsp;</p><p>It wasn't until after university graduation and an extended period of time living and working in Spain and Mexico that I relocated to China and fell into startups.&nbsp;</p><h3>Startup Operator (Net Information Gain = 80%):</h3><p>It was not until I relocated to Beijing, one of the largest cities in the world, that I was truly exposed to startups. Motivated by the (painful) realization that I work best outside of the confines of traditional bureaucracy, I joined VIPKID as employee number six. VIPKID scaled rapidly to a $3 billion valuation and the world's most valuable online education company. </p><p>This half decade of punishing startup grind provided profound, invaluable lessons in operational excellence, radical accountability, and unrelenting focus on the critical growth metrics necessary for venture-scale success.</p><p>Most first time startup founders are industry experts without deep operational experience. Imagine the steep learning curve it must be, to meet venture scale expectations while simultaneously lacking a frame of reference for what venture scale truly means.&nbsp;</p><p>At VIPKID, I learned what great startup talent looks like. I learned what hard work really means, the full scale sacrifice a human being makes in order to build a triple unicorn. </p><p>I learned that unicorns are built by normal people who truly believe that they are capable of great things.</p><h3>Startup Founder (Net Information Gain = 90%):</h3><p>Despite deep operational experience gained at VIPKID, I remained unaware of investor expectations. Structured programs such as Startmate, Australia’s equivalent of Y Combinator, were essential in bridging this knowledge gap, explicitly outlining what investors sought in startup pitches and fundraising strategies. The simple act of finding someone to rip my pitch apart, over and over again, was hugely valuable.</p><p>As a startup founder, I learned that great startup talent is hard to find. I learned that relying on fundraising to stay alive was a level of stress I could not have previously anticipated.</p><h3>Startup Investor (Net Information Gain = 100%):</h3><p>Ultimately, becoming a venture capital investor crystallized precisely the criteria that founders must meet to attract funding. </p><p>This shift from operator to investor unveiled the critical evaluation points traditionally concealed behind the industry's guarded gatekeeping practices, finally giving me access to the "hidden test" I'd been graded on all along.</p><h2>The Hidden Early-Stage Investment Test</h2><p>The "test" investors implicitly apply is straightforward yet rarely articulated clearly. Investors consistently assess startups based on hidden questions aggregated from a bird's eye view of what works and doesn't in startup world. </p><blockquote><p>The term "pattern matching" does not appropriately account for the wealth of knowledge a startup investor accumulates over a career of hits and misses.&nbsp;</p></blockquote><p>It is unfortunate that the bulk of early stage investors feel unable to embrace transparency, as their aggregated learning is exactly the information that startup founders are missing. </p><p>For example:</p><ul><li>Direct to consumer startups must have a positive CAC to LTV ratio and&nbsp; retention that defies industry standards, or they remain reliant on cash to burn in the furnace of acquisition.</li><li>B2B SaaS has been around for 30+ years. Each new offering is lost in a sea of competition. A better UX simply doesn't cut it as a competitive differentiator.</li><li>Deep tech startups are not research projects. If you can't prove that your IP works in reality, you are simply too risky to fund.</li></ul><p>More of the questions early stage investors are asking themselves, aligned with the slides of a standard pitch deck template.&nbsp;</p><table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 50%;" data-mce-style="width: 50%;">Problem:</td><td style="width: 50%;" data-mce-style="width: 50%;">Is this problem so painful that customers will buy a rough, early stage product, complete with bugs and lack of features?</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Solution</td><td style="width: 50%;" data-mce-style="width: 50%;">Does the solution unequivocally and directly address the core problem?</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Market Opportunity:</td><td style="width: 50%;" data-mce-style="width: 50%;">Is the market big enough for a billion dollar exit? If the problem is critical, why hasn't it been solved? How can this under-resourced startup realistically defend against better-funded competition?</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Product Overview:</td><td style="width: 50%;" data-mce-style="width: 50%;">Can customers immediately recognize the solution's value? It it an 'easy sell' to a large enough portion of the target market?</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Key Metrics &amp; Traction:</td><td style="width: 50%;" data-mce-style="width: 50%;">Does the founding team genuinely grasp the essential metrics needed for venture-scale success?&nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Future Pipeline:</td><td style="width: 50%;" data-mce-style="width: 50%;">&nbsp;How reliable is current traction as a predictor of future growth?</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Founding Team:</td><td style="width: 50%;" data-mce-style="width: 50%;">&nbsp;Why will this team win, in the face of what I know to be great odds?</td></tr></tbody></table><h2>PitchSmart: Concise Investment Memos, Investor Caution</h2><p><br><a data-mce-href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" title=" PitchSmart GPT: The Founder-to-VC Translator " target="_blank" rel="noopener">PitchSmart GPT: The Founder-to-VC Translator </a>is a tool enthusiastically embraced by founders but viewed with caution by investors. </p><p>Rather than manufacturing artificial success, <a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="PitchSmart GPT" target="_blank" rel="noopener">PitchSmart</a> pushes founders toward uncomfortable transparency by explicitly revealing previously hidden investor criteria. It transforms vague, ineffective pitches into concise investment memos, enabling investors to quickly discern key details critical to determining whether or not a startup is investable.</p><figure id="figure-wq9u35qyxbm8eymq90" class=""><img id="wq9u35qyxbm8eymq90" src="https://cdn.durable.co/blocks/34FQQAFZRm1qt2dEkbtOpS8znQ92QYRcNqalCoPJaj5m4I4DlHm2a5bOS42A2ksB.png" alt="" title="" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/34FQQAFZRm1qt2dEkbtOpS8znQ92QYRcNqalCoPJaj5m4I4DlHm2a5bOS42A2ksB.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><em><a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="Click here to give PitchSmart a trial run." target="_blank" rel="noopener">Click here to give PitchSmart a trial run.</a></em></p><p><a data-mce-href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" title="PitchSmart: The Founder-to-VC Translator" target="_blank" rel="noopener"><em>Not sure how PitchSmart works or who it's for? Click here to learn more.</em></a></p><p>A true solution requires buy-in from both founders and investors. Investors remain wary, concerned that PitchSmart will make all founders appear adept at passing their previously secret evaluation 'test,' without fully appreciating that PitchSmart does not manufacture traction—it merely clarifies and sharpens founders' narratives. </p><p>PitchSmart's true value lies in compelling founders to confront difficult truths early, ensuring clarity about whether their startups genuinely meet the threshold for venture-scale growth.</p><h2>The High Cost of the Information Gap</h2><p><br>For founders, this lack of transparency is devastating. Many unknowingly build structurally unfundable businesses, chasing elusive capital and approaching fundraising too late, leaving them vulnerable to unfavorable terms and failure.</p><blockquote><p>The personal cost to founders pursuing an unfundable startup without an alternative capital strategy often amounts to losing two years of their life, burning through $200K of personal savings, and enduring significant mental health challenges.</p></blockquote><p>For the broader startup ecosystem, the impact is equally damaging.&nbsp;Capital inefficiency becomes rampant as entrepreneurs repeatedly pitch without understanding what investors truly seek, resulting in fewer scalable startups and perpetuating cycles of founder failure and capital waste.</p><p>If the only way to acquire the critical knowledge needed to become a top 1% startup founder is through experience within high-growth startups, smaller geographies with emerging startup ecosystems are at a disadvantage, as they lack recycled startup talent due to limited significant exits. </p><p>This benefits no one.</p><h2>Toward VC Literacy: Structured Solutions</h2><p><br>Addressing this information gap demands structured education in VC literacy—transparently presenting the realities of venture funding. </p><blockquote><p>Critically, the only appropriate outcome for such a structured course would be that 95% of idea-stage founders exit the course clearly understanding they should not pursue a venture-funded startup. </p></blockquote><p>Honest, structured education would save substantial founder resources, enhance ecosystem efficiency, and align founder expectations directly with investor criteria.</p><p>But structured education around capital literacy faces one significant blocker- survivorship bias.</p><h2>Final Takeaway: Survivorship Bias</h2><p><br>Survivorship bias sustains a dangerous illusion—that venture capital funding is the default path to startup success. The media narrative often highlights spectacular wins, overshadowing the gritty reality that genuine venture-scale potential must be backed by clear, proven traction, not merely persuasive storytelling.</p><p>As a society we don't enjoy stories of mass failure. Mass failure is simultaneously not a good look for the industry of venture capital. Both the media and venture capital are, in large part, responsible for proliferation of survivor bias. </p><blockquote><p>When we exclusively highlight stories of successful outliers, it reinforces the misconception that success—and venture capital funding—is far more attainable than it actually is.</p></blockquote><p>Ultimately, PitchSmart’s role isn’t to trick investors—it’s to make founders face reality before they waste valuable time chasing unlikely investments. By forcing early, uncomfortable clarity, PitchSmart benefits both entrepreneurs and investors, fostering a healthier, more transparent startup ecosystem.</p><h2>Sources:</h2><p>Founder VC (2025) The Best Intro Framework: A Research-Backed Approach To Investor Engagement &nbsp;<a data-mce-href="https://foundervc.org/blog/the-best-intro-framework" href="https://foundervc.org/blog/the-best-intro-framework" title="https://foundervc.org/blog/the-best-intro-framework" target="_blank" rel="noopener">https://foundervc.org/blog/the-best-intro-framework</a></p><p>Founder VC (2025) PitchSmart: The Founder to VC Translator <a href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator" data-mce-href="https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator">https://foundervc.org/blog/pitchsmart--the-founder-to-vc-translator</a></p><p><br></p><p><em><a data-mce-href="https://www.linkedin.com/in/lane-litz/" href="https://www.linkedin.com/in/lane-litz/" title="Lane's LinkedIn">Lane Litz</a> is a proven startup founder, operator, and venture capitalist with a track record of building, scaling, and investing in high-potential startups. As employee #6 at VIPKID, she helped grow the company to a $3B valuation. Later, as the CEO and Co-founder of Speakia, she navigated challenging market conditions to lead the startup to acquisition. Her time in venture capital gave her a front-row seat to the systemic flaws in traditional VC, inspiring her to found Founder VC. Now, Lane is reshaping the venture landscape with a founder-first approach, focusing on sustainable investments that deliver measurable value for both founders and investors.&nbsp;</em><br>&nbsp;</p><h3>Explore More Fundraising Resources:&nbsp;</h3><p><a data-mce-href="https://foundervc.org/ai-powered-virtual-incubator" href="https://foundervc.org/ai-powered-virtual-incubator" title="Founder VC's AI Powered Virtual Incubator" target="_blank" rel="noopener">Founder VC's AI Powered Virtual Incubator</a></p><p><a title="The Hard Questions Most VCs Can't Answer" href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer" target="_blank" rel="noopener" data-mce-href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer">The Hard Questions Most VCs Can't Answer</a></p><p><a data-mce-href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" title="Why Fundraising is Not a Total Waste of Time" target="_blank" rel="noopener">Why Fundraising is Not a Total Waste of Time</a></p><p><a data-mce-href="https://foundervc.org/blog/b2b-saas-pitch-deck-template" href="https://foundervc.org/blog/b2b-saas-pitch-deck-template" title="B2B SaaS Pitch Deck Template" target="_blank" rel="noopener">B2B SaaS Pitch Deck Template</a></p><p><a data-mce-href="https://foundervc.org/blog/deep-tech-pitch-deck-template" href="https://foundervc.org/blog/deep-tech-pitch-deck-template" title="Deep Tech Pitch Deck Template" target="_blank" rel="noopener">Deep Tech Pitch Deck Template</a></p><p><a data-mce-href="https://foundervc.org/blog/d2c-pitch-deck-template" href="https://foundervc.org/blog/d2c-pitch-deck-template" title="D2C Pitch Deck Template" target="_blank" rel="noopener">D2C Pitch Deck Template</a></p>

Why Early Stage Startup Investors Fear Transparency

<h3>The Problem: Founders Don't Know What VCs Need to Know</h3><p><a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="PitchSmart GPT" target="_blank" rel="noopener">PitchSmart GPT</a> is the ‘Founder-to-VC Translator.’ It cuts through the noise, distilling founder narratives into concise, investor-ready pitches that get meetings, not rejections. Fundraising isn’t just about storytelling—it’s about telling the right story, the right way, to the right investor.</p><p>As a former founder, I wasted countless hours trying to decode precisely how to position my startup for investors. Now, as a VC, I find myself overwhelmed in pitch meetings, sifting through excessive details in search of critical insights. </p><p>This disconnect isn't just frustrating—it fuels bias and wastes significant amounts of time, capital, and opportunity. I initially built <a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" target="_blank" rel="noopener">PitchSmart</a> for myself—to become more efficient and effective as a VC in managing deal flow, clearly identifying investable startups, and facilitating high-quality introductions. I quickly realized it's a tool the world urgently needs, given the widespread lack of structured, transparent information on venture capital.</p><figure id="figure-p8zpxznvotm85kx14l"><img id="p8zpxznvotm85kx14l" src="https://cdn.durable.co/blocks/34FQQAFZRm1qt2dEkbtOpS8znQ92QYRcNqalCoPJaj5m4I4DlHm2a5bOS42A2ksB.png" alt="PitchSmart GPT, Founder-to-VC Translator" title="PitchSmart GPT, Founder-to-VC Translator" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 3/2; object-position: undefined undefined;" data-corners="default" data-aspect="3:2" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/34FQQAFZRm1qt2dEkbtOpS8znQ92QYRcNqalCoPJaj5m4I4DlHm2a5bOS42A2ksB.png" data-mce-style="aspect-ratio: 3/2; object-position: undefined undefined;"></figure><p><strong><a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="PitchSmart by Founder VC" target="_blank" rel="noopener">Click here to give PitchSmart a trial run. Not sure how it works or who it's for? Keep reading for a deeper dive.&nbsp;</a></strong></p><p><br></p><h3><strong>The Solution: A Founder-to-VC Translator</strong></h3><blockquote><p>Most fundraising tools focus on introductions, pitch decks, or generic advice. PitchSmart focuses on clarity—helping founders craft a pitch that investors actually want to read.</p></blockquote><p>PitchSmart is an advanced AI-powered narrative builder that translates "founder speak" into concise, impactful "investor speak." It uses "<a data-mce-href="https://foundervc.org/blog/the-best-intro-framework" href="https://foundervc.org/blog/the-best-intro-framework" title="The Best Intro Framework" target="_blank" rel="noopener">The Best Intro Framework</a>," a proven, research-backed method that prioritizes what investors genuinely care about: traction, market potential, and clear monetization strategies. </p><p>PitchSmart proactively identifies weak points in founder narratives, enabling founders to clarify market positioning, validate traction, and sharpen their differentiation <strong>before</strong> engaging with investors.</p><p>Real-world evidence highlights PitchSmart's effectiveness: startups using structured introductions are 13× more likely to secure funding compared to cold outreach (British Business Bank, OpenVC, 2024).</p><h3>How It Works &amp; What You'll Get:</h3><p>PitchSmart is built using generative AI (GPT), making it accessible without requiring a paid subscription—though using more advanced ChatGPT models generally yields better outcomes. It's important to note that generative AI isn't foolproof, particularly in venture capital, where many investment decisions rely on soft indicators such as FOMO (fear of missing out) and pattern recognition, and each fund operates with its own hypothesis or perspective. Nevertheless, applying the 80/20 rule, PitchSmart significantly advances the shared goals of transparency and efficiency in fundraising.</p><ol><li>Upload information about your startup.</li><li>Answer targeted questions about your problem, solution, business model, traction, and funding goals.</li><li>AI structures your responses into a compelling, investor-ready pitch.</li><li>Use your pitch across multiple formats—including pitch decks, investor emails, and fundraising conversations.</li></ol><p><em>Disclaimer: PitchSmart does not store, share, or train on any of the data you input. Your startup information stays private, and nothing you submit is used beyond your active session.&nbsp;</em></p><h3>Why It Works</h3><ul><li><strong>Investors Don’t Have Time </strong>– VCs scan hundreds of decks weekly. If they can’t understand your value prop in seconds, you’re out. PitchSmart prevents that.</li><li><strong>Most Founders Over-Explain</strong>– Founders think every detail matters. Investors only care about market size, traction, and the ask. PitchSmart extracts the essentials.</li><li><strong>Warm Intros Only Work if You’re Investor-Ready</strong>– No one introduces a founder with a weak pitch. PitchSmart ensures you’re investor-ready before making a single ask.<br></li></ul><h3>PitchSmart strategically supports:</h3><ul><li>Pre-Seed Founders: Clear, validated problem-solution statements.</li><li>Seed-Stage Founders: Refined narratives around traction and early success.</li><li>Series A Founders: Highlighting robust growth and scalability metrics.</li><li>First-Time Founders: Guiding through venture capital expectations.</li><li>Experienced Entrepreneurs: Efficient pitch refinement.</li></ul><p>PitchSmart isn't just another AI tool—it's a strategic solution designed to democratize access, reduce bias, and maximize the impact of every investor interaction, ensuring both founders and investors can communicate clearly, effectively, and successfully.</p><h3>PitchSmart by Founder VC:</h3><h3><a data-mce-href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" href="https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart" title="PitchSmart by Founder VC" target="_blank" rel="noopener">https://chatgpt.com/g/g-67c2415ae66081918e0dc4b5afee5e15-pitchsmart</a></h3><p><br></p><h3>More Fundraising Resources:&nbsp;&nbsp;</h3><p><a data-mce-href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" title="The Unwritten Rules of Fundraising" target="_blank" rel="noopener">The Unwritten Rules of Fundraising</a></p><p><a data-mce-href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" title="Why Fundraising is Not a Total Waste of Time" target="_blank" rel="noopener">Why Fundraising is Not a Total Waste of Time</a></p><p><a data-mce-href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer" href="https://foundervc.org/blog/the-hard-questions-most-vcs-can-t-answer" title="The Hard Questions Most VCs Can't Answer" target="_blank" rel="noopener">The Hard Questions Most VCs Can't Answer</a></p><p><a data-mce-href="https://foundervc.org/blog/what-vcs-really-think-of-your-startup" href="https://foundervc.org/blog/what-vcs-really-think-of-your-startup" title="What VCs Really Think of Your Startup" target="_blank" rel="noopener">What VCs Really Think of Your Startup</a></p><p><br></p><h3>Sources:</h3><p>British Business Bank &amp; Diversity VC. (2019). UK VC &amp; Female Founders Report. <a data-mce-href="https://www.british-business-bank.co.uk" href="https://www.british-business-bank.co.uk" target="_blank" rel="noopener">https://www.british-business-bank.co.uk</a><br>OpenVC. (2024). How to Raise Funds with Cold Emails. <a data-mce-href="https://www.openvc.app" href="https://www.openvc.app" target="_blank" rel="noopener">https://www.openvc.app</a><br>DocSend. (2023). Helping to Bridge the Gap Through Warm VC Intros. <a data-mce-href="https://www.docsend.com" href="https://www.docsend.com" target="_blank" rel="noopener">https://www.docsend.com</a><br>The VC Factory. (2024). The 7+1 Investment Model. <a data-mce-href="https://thevcfactory.com" href="https://thevcfactory.com" target="_blank" rel="noopener">https://thevcfactory.com</a><br>Founder VC (2025). The Best Intro Framework. <a data-mce-href="https://foundervc.org/blog/the-best-intro-framework" href="https://foundervc.org/blog/the-best-intro-framework" target="_blank" rel="noopener">https://foundervc.org/blog/the-best-intro-framework</a></p>

PitchSmart: The Founder-to-VC Translator

<h2>Abstract</h2><p><br>Raising venture capital is one of the most challenging aspects of startup growth, with early-stage founders facing a success rate as low as 3%. </p><blockquote><p>A founder’s ability to secure investor meetings often hinges on the quality of their introductions. </p></blockquote><p>This paper introduces and validates<strong> The Best Intro Framework,</strong> a structured approach designed to optimize investor outreach by aligning with venture capital evaluation models. </p><p><strong>The framework serves as a streamlined, data-driven introduction method that ensures founders present their startup in a concise, compelling manner.</strong> </p><p>By synthesizing industry best practices, case studies, and data-driven insights, this paper demonstrates how founders can improve their fundraising efficiency through well-crafted introductions.</p><h2>&nbsp;<br>Introduction</h2><p><br>Venture capital (VC) fundraising is widely recognized as a game of introductions. Investors overwhelmingly favor warm referrals from trusted connections, with studies showing that startups introduced through mutual contacts are 13× more likely to receive funding than those relying on cold outreach. Given this reality, The Best Intro Framework was developed to help founders systematically structure their introductions, ensuring their messaging aligns with investor expectations and decision-making criteria.</p><p>This research paper explores the components of the framework, its alignment with investor screening models, and real-world case studies illustrating its effectiveness. </p><blockquote><p>By implementing this framework, founders can dramatically improve their ability to secure investor meetings, accelerate fundraising timelines, and increase conversion rates.</p></blockquote><h2>&nbsp;<br>The Best Intro Framework: Structure and Application</h2><p><br><strong>The Best Intro Framework is a structured template that founders use to introduce their startups in a way that is clear, concise, and compelling.</strong> It mirrors a simplified VC investment memo, ensuring that every warm introduction effectively communicates the startup’s value proposition. The framework consists of eight core sections:</p><p><br></p><table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 50%;" data-mce-style="width: 50%;">Industry Overview</td><td style="width: 50%;" data-mce-style="width: 50%;">A one-liner that positions the startup within its sector, ensuring immediate relevance to the investor’s focus.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Problem &amp; Solution</td><td style="width: 50%;" data-mce-style="width: 50%;">A succinct description of the pain point the startup addresses and how its solution uniquely solves it.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Market Opportunity</td><td style="width: 50%;" data-mce-style="width: 50%;">Highlights the Total Addressable Market (TAM) and ideal customer profile, demonstrating scalability and potential.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Product Overview</td><td style="width: 50%;" data-mce-style="width: 50%;">A high-level description of key features, unique differentiators, and competitive advantage.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Key Metrics &amp; Traction</td><td style="width: 50%;" data-mce-style="width: 50%;">Showcases quantifiable progress, including revenue, growth rate, user base, and notable customer wins.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Future Pipeline &amp; Opportunities</td><td style="width: 50%;" data-mce-style="width: 50%;">Outlines upcoming milestones, partnerships, and expansion plans.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Fundraising Details</td><td style="width: 50%;" data-mce-style="width: 50%;">States the funding ask, round type, and intended use of funds.</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">Founding Team</td><td style="width: 50%;" data-mce-style="width: 50%;">Establishes credibility by presenting key team members’ relevant experience and expertise.</td></tr></tbody></table><p><br>By systematically covering these areas, the framework ensures that introductions are investor-ready, reducing friction in the fundraising process.</p><h2>&nbsp;<br>Alignment with VC Evaluation Models</h2><p><br>Venture capitalists use structured models to evaluate investment opportunities, typically assessing startups based on team, market potential, traction, and scalability. The Best Intro Framework directly aligns with these criteria, enhancing investor engagement.</p><p>For example, many investors rely on the "7+1 Model", which evaluates:</p><ul><li>Market Pain (Problem Definition)</li><li>Superior Solution (Product Differentiation)</li><li>Scalability (Market Size &amp; Growth Potential)</li><li>Business Model (Revenue Generation &amp; Profitability)</li><li>Team (Founder Experience &amp; Capability)</li><li>Timing (Why Now?)</li><li>Capital Efficiency (Use of Funds)</li><li>Competitive Edge (Why This Startup Will Win?)</li></ul><p><br>The Best Intro Framework effectively preempts these evaluation criteria, ensuring that founders provide investors with the information they need to assess an opportunity quickly. By front-loading relevant details and using data-driven insights, the framework significantly improves the odds of securing a meeting.</p><h2>&nbsp;<br>Case Studies: The Framework in Action</h2><p><br>Several high-growth startups have demonstrated the power of structured introductions. Notable case studies include:</p><h3>Case 1: Mapistry – From Cold Email to Seed Funding</h3><p>Mapistry’s CEO leveraged a well-crafted email that mirrored The Best Intro Framework. The message succinctly articulated the company’s traction, customer base, and market opportunity. Investor Jason Lemkin, who received the email, noted that it was "data-rich but low drama," making it easy to assess the opportunity. The introduction secured a meeting, leading to a successful seed round.</p><h3>Case 2: Talkdesk – A Billion-Dollar Startup’s Intro Email</h3><p><br>When Talkdesk first reached out to investors, its email contained all core elements of The Best Intro Framework—traction data, product differentiation, and market opportunity. The structured approach caught investor attention, leading to meetings and early-stage funding. Talkdesk has since grown into a unicorn, proving that a strong introduction can be the first step toward massive success.</p><h3>Case 3: UserGems – A Warm Intro That Led to $20M in Funding</h3><p><br>UserGems leveraged a structured introduction through an investor program, ensuring their pitch email highlighted key traction and investor fit. The result: an introduction to Uncork Capital, which led to a $2.4M seed round and a subsequent $20M Series A. The introduction was structured to align with investor expectations, making it an easy decision for the fund.</p><p>These case studies reinforce the core principle of the framework: structured, compelling introductions maximize fundraising efficiency.</p><h2>&nbsp;<br>Data-Driven Validation of Warm Intros</h2><p><br>The advantage of warm introductions is well-documented in venture capital research:</p><ol><li>Warm intros are 13× more likely to convert into investment than cold outreach (British Business Bank).</li><li>Investor response time is significantly higher for referred pitches (OpenVC).</li><li>Over 80% of venture deals originate from investor networks, not unsolicited pitches (PitchBook).</li></ol><p>By ensuring that introductions are structured and impactful, The Best Intro Framework amplifies the advantages of warm referrals while also improving cold outreach effectiveness.</p><h2>&nbsp;<br>Practical Implementation for Founders</h2><p><br>To maximize fundraising success, founders should:</p><ul><li>Leverage their network – Identify warm connections and ask for double opt-in introductions.</li><li>Prepare a forwardable email – Use The Best Intro Framework to craft a message that investors can quickly digest.</li><li>Tailor introductions to each investor – Highlight alignment with the investor’s focus area and thesis.</li><li>Follow up strategically – Maintain momentum by timely follow-ups and engaging updates.</li></ul><p>By following these best practices, founders can systematically improve their ability to secure investor meetings and funding.</p><h2>&nbsp;<br>Conclusion</h2><p><br>Fundraising success is not just about having a great startup—it’s about presenting it effectively. The Best Intro Framework offers a research-backed methodology to maximize the impact of warm introductions and structured cold outreach. By ensuring founders communicate their value proposition in a way that resonates with investors, the framework significantly increases engagement rates, accelerates fundraising timelines, and improves capital-raising outcomes. </p><blockquote><p>As venture capital remains a relationship-driven industry, founders who master the art of the structured introduction position themselves for a competitive advantage in the fundraising process.</p></blockquote><h3>&nbsp;<br>References</h3><p><br>Harvard Business Review. (2022). How Investors Decide Which Startups to Fund. <a data-mce-href="https://hbr.org/2022/01/how-investors-decide-which-startups-to-fund" href="https://hbr.org/2022/01/how-investors-decide-which-startups-to-fund">https://hbr.org/2022/01/how-investors-decide-which-startups-to-fund</a><br></p><p>PitchBook. (2023). The State of Venture Capital. <a href="https://pitchbook.com/" data-mce-href="https://pitchbook.com/">https://pitchbook.com/&nbsp;</a></p><p>British Business Bank. (2019). UK VC &amp; Female Founders Report. <a data-mce-href="https://www.british-business-bank.co.uk/research/uk-vc-female-founders-report/" href="https://www.british-business-bank.co.uk/research/uk-vc-female-founders-report/" target="_blank" rel="noopener">https://www.british-business-bank.co.uk/research/uk-vc-female-founders-report/</a></p><p>OpenVC. (2024). How to Raise Funds with Cold Emails. <a data-mce-href="https://www.openvc.app/" href="https://www.openvc.app/" target="_blank" rel="noopener">https://www.openvc.app/</a></p><p>PitchBook. (2023). The State of Venture Capital. <a data-mce-href="https://pitchbook.com/" href="https://pitchbook.com/">https://pitchbook.com/</a><br></p><p>SaaStr. (2023). "2 Cold Emails That Led to Millions in Funding." <a data-mce-href="https://www.saastr.com/" href="https://www.saastr.com/">https://www.saastr.com/</a><br></p><p>The VC Factory. (2024). "The 7+1 Investment Model." <a data-mce-href="https://www.thevcfactory.com/" href="https://www.thevcfactory.com/">https://www.thevcfactory.com/</a></p><p><br>DocSend. (2023). "Fundraising Success Factors." <a href="https://www.docsend.com/" data-mce-href="https://www.docsend.com/">https://www.docsend.com/</a></p><p><br></p><h3>Additional Fundraising Resources</h3><p><a data-mce-href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" href="https://foundervc.org/blog/the-unwritten-rules-of-fundraising" title="The Unwritten Rules of Fundraising" target="_blank" rel="noopener">The Unwritten Rules of Fundraising</a></p><p><a data-mce-href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" href="https://foundervc.org/blog/why-fundraising-is-not-a-total-waste-of-time" title="Why Fundraising Is Not a Total Waste of Time" target="_blank" rel="noopener">Why Fundraising Is Not a Total Waste of Time</a></p><p><a data-mce-href="https://foundervc.org/blog/what-vcs-really-think-of-your-startup" href="https://foundervc.org/blog/what-vcs-really-think-of-your-startup" title="What VCs Really Think of Your Startup" target="_blank" rel="noopener">What VCs Really Think of Your Startup</a></p>

The Best Intro Framework: A Research-Backed Approach to Investor Engagement

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